(1) classical ,(2) keynesian , (3)short run , (4)long run ----aggregate supply curve

[SHIKHA]

totally confused between (1) classical ,(2) keynesian , (3)short run , (4)long run ----aggregate supply curve ...can anyone explain wat individuals term means and how are they related????...


totally confused ...plz help sir :((((

[Amit Goyal]

Refer these slides to know who is who in macro economics:
http://www.heijdra.org/slides01.pdf

Regarding short run and long run: The answer varies with the model. But one thing that is common is: Long run is a period where more things can be adjusted than the short run. What adjustments are possible in short run varies with models.

[lovekesh]

Shikha
Just focus on assumptions they have in Macro and you will do fine. Follow why they believe AS curve is flat, unemployment is there, why wages are sticky etc. Once you hold these assumptions clearly in your mind, there won't be any confusion.

[SHIKHA]

THANK YOU SIR..THESE SLIDES WERE REALLY HELPFUL..YOU ARE TRULY A SAVIOUR :P